No Result
View All Result
Saturday, July 12, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Oil exports recover to 622,000 bpd: NOC

bySami Zaptia
April 1, 2015
Reading Time: 2 mins read
A A

By Libya Herald reporters.

NOC figures show surprise recovery in oil sales
NOC figures . . .[restrict]show surprise recovery in oil sales
Tunis and Beida, 28 March 2015:

Libyan crude oil exports are up to 622,000 bpd according to NOC figures just released.  The figure may surprise some analysts. Only six weeks ago overall production had plunged to less than 275,000 barrels per day, following attacks oil fields, pipelines and the Sidra and Ras Lanouf export terminals.

The Italian giant Eni is understood to be producing some 250,000 barrels of oil and gas equivalent through its fields El Fil and Wafa in the south west Libya, pumped to Mellitah port in the north west. Meanwhile, some 71,000 bpd is being produced by Sirte Company.

“In addition, Agoco is currently producing some 290,000 bpd,” Omran Al-Zuwai Agoco spokesman told the Libya Herald.

RELATED POSTS

Sirte Oil completes drilling of horizontal well in Zilten field producing 1,985 bpd using local cadres

Eni and BP resume operations in Libya, Repsol and OMV to start within weeks: NOC

Agoco the fully-owned to the NOC operates most eastern oilfields and Tobruk’s Hariga export terminal in the east. It also operates Al-Beida, Um Al-Froud and North Sabah fields in central Libya and the Hamada field in the south-west.

“Agoco is keeping this current production rate at the moment” Al-Zuwai explains.
While the export figures are an improvement on recent lows, they are still well below the 1.9 million bpd peak reached after the 2011 revolution.

The collapse in Libyan crude oil production due to the political and military division has coincided with a plunge in international crude oil prices.

This has had a calamitous effect on the Libyan economy leading to austerity measures both the government in Beida and the antigovernment in Tripoli have struggled to pay the likes of salaries and overseas student scholarships.

All major development and project work has been suspended more or less since the 2011 revolution. Meanwhile the collapse in oil revenues has led to a major depletion of foreign currency reserves and is threatening to lead to the devaluation of the Libyan dinar.

The Libyan dinar is currently trading at around LD 1.95 to the dollar in the black market, or around 50 percent lower than the official exchange rate – a fact that has raised the prices of imports and depleted the purchasing power of the Libyan consumer.

[/restrict]

Tags: Arabian Gulf Oil Company AGOCOcrude oil exportsEnifeaturedLibyaNOCoil productionSOC Sirte Oil Company

Related Posts

CBL receives results from meetings with international banks
Business

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

July 11, 2025
Preparations for the second ‘‘Made in Libya’’ edition in Niamey, Niger progressing
Business

“Made in Libya” exhibition to be held in Benghazi from 10 to 13 August

July 11, 2025
Sirte and BACB to improve cooperation
Business

Sirte Oil completes drilling of horizontal well in Zilten field producing 1,985 bpd using local cadres

July 11, 2025
Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges
Business

Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

July 10, 2025
Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions
Business

Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

July 10, 2025
NOC announces force majeure at Zawia port
Business

Libyan Fertiliser Company’s urea plant achieves a 95 percent production rate

July 10, 2025
Next Post
Tawerghan refugees flooded out in Bani Walid

Tawerghan refugees flooded out in Bani Walid

Thinni in Tunis for anti-terror demonstration: Hassi delegation may be there too

Thinni in Tunis for anti-terror demonstration: Hassi delegation may be there too

ADVERTISEMENT

Top Stories

  • Benghazi port receives 398 containers of mixed goods, 25,000 tons of wheat, 28,500 tons of barley and 6,000 tons of cement

    All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

    0 shares
    Share 0 Tweet 0
  • Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    0 shares
    Share 0 Tweet 0
  • Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

    0 shares
    Share 0 Tweet 0
  • Op-Ed: Reputational Damage Is Worse Than Losing Money

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.